Advanced Wellbeing offers financial therapy insights each week to inform more details about financial therapy.
International diversification has long been part of a balanced investment strategy. Rick Kahler explores why looking beyond U.S. stocks may matter more than ever in today’s changing global economy.
International diversification has long been part of a balanced investment strategy. Rick Kahler explores why looking beyond U.S. stocks may matter more than ever in today’s changing global economy.
Most couples who argue about money are arguing from different money scripts—the deeply held beliefs about money that each partner formed long before the relationship began. Uncovering and understanding those scripts, individually and together, may be one of the more useful things a couple can do.
Dying and money collide in ways most of us never think about until we have to. When someone receives a terminal diagnosis, they and their loved ones are forced to deal with emotional and financial complexities around death at the same time. A financial planner who is also a trained death doula helps clients navigate both.
Do billionaires need financial therapy? The very idea probably seems ludicrous. Yet financial therapy can be especially important for wealthy and powerful men because their financial decisions have a broad impact. The consequences can ripple through organizations, industries, and markets.
When two people who love each other fight about money, the trigger is often something small. One partner notices something like an unusual credit card charge, feels a twinge of anxiety, and says something. The other feels accused and snaps back. Before long, they have gone from talking about a purchase to arguing about respect, control, or trust.
Money is one of the most emotionally charged topics there is.
A classic and wise piece of advice from financial advisors is to live within your means. I have written often about the importance of frugality in building wealth and financial wellbeing.
Yet there is a difference between frugality by choice and frugality from fear. For those who grew up in poverty, the emotional impact of that early struggle can shape a reluctance to spend money even when their circumstances have changed and they have more than enough.
Chances are you know someone who makes you wonder, “Why can’t they manage money better?” They may be intelligent, educated, and capable in many other areas of life, but be underemployed, stuck, or struggling to take care of themselves financially.
Research from the Center for Retirement Research at Boston College offers an explanation.
Creativity is just as essential in personal finance as it is in art or science. And no, I’m not talking about the kind of “creative accounting” associated with lying to the IRS.
Money usually calls to mind budgets, spreadsheets, investment returns, and tax brackets. You might think of creativity in terms of painting, music, or theater. But creativity is far broader than that. It’s about seeing new possibilities and bringing your authentic self into the moment.
A common assumption about financial therapy for couples is that the goal is to “fix” their financial disagreements. If they can just land on the right budget, the right system, or the right division of responsibilities, harmony will follow. Yet many money problems in relationships are not solvable or fixable. They can only be managed.
